Metapraxis Launches Budgeting Calculator to Help FP&A Teams Deliver Annual Budgets Efficiently and at Reduced Cost to Business
Metapraxis, a company that provides an integrated platform for financial planning, reporting and analysis, today announces the availability of a Budgeting Calculator to help enterprise FP&A teams to make the business case for budgeting process automation. By adopting a digitised and automated approach to delivering annual corporate budgets, FP&A departments improve the accuracy of budgeting and free up team members to enable them to focus their time, effort and expertise on more strategic activities that directly improve business performance and drive enterprise growth.
The Metapraxis Budgeting Calculator, which is built on best practice and industry standards in the FP&A sector, is available to access free of charge. With many enterprises still using Microsoft Excel as the preferred tool to deliver their budgeting process, this Calculator enables FP&A teams to understand the financial cost of a predominantly manual process versus adopting a dedicated budgeting software for this complex and often long drawn exercise.
"Enterprises routinely tell us about the relentless challenges they face with regard to creating annual budgets," says Simon Bittlestone, CEO of Metapraxis. "Whilst spreadsheets are excellent tools and offer value to FP&A teams in a variety of use cases, for annual budgeting they make the process more complex, time consuming and error-prone, due to the sheer nature and scale of this business critical, multi-department activity. And yet, FP&A departments struggle to secure organisational buy-in to adopt automation. We have developed this Budgeting Calculator at the request of many customers, to help FP&A teams to make a convincing financial case for a move to automation."
Numbers speak for themselves. To illustrate a hypothetical scenario using the Budgeting Calculator: An organisation comprising five business units, each with ten cost centre owners, running an Excel based manual budgeting process across revenue, cost, capex and cash flows, before a group wide consolidation process, incurs c. 372 days of effort versus 133 days if a budgeting application were used. The total cost saving of digital adoption would be c. $192,206 per year, before any of the benefits of improved accuracy and better use of time are quantified.